NEW YORK, June 14, 2016 /PRNewswire/ -- Spherix Incorporated (NASDAQ: SPEX) – a company committed to the fostering of technology and the monetization of intellectual property, today commented on recent positive developments in the patent monetization space.
Anthony Hayes, Chief Executive Officer of Spherix, stated, "Yesterday's United States Supreme Court Opinion and the recent discussion of the Yahoo Inc. patent portfolio sale comes as welcome news to our industry. In a unanimous decision delivered by Chief Justice John Roberts in Halo Electronics, Inc. v. Pulse Electronics, Inc., the United States Supreme Court yesterday issued a ruling that generally eased the test for the awarding enhanced damages for willfully infringing a patent holder's rights. While the decision is still being digested by practitioners and scholars, some who follow the industry viewed it as good news for entities that monetize intellectual property. As compared to the old test used before this decision, the new test gives the courts much broader discretion to award enhanced damages, which we see as a positive development."
In other news, we noted the Wall Street Journal's June 7, 2016 reporting that Yahoo Inc. has kicked off an auction for a portfolio of about 3,000 patents expected to fetch more than $1 billion, according to people familiar with the matter," added Mr. Hayes. "While Spherix has not analyzed the Yahoo patents at issue, the Yahoo sale has been compared to the Nortel Networks patent sale, which fetched $4.5 billion. Much of Spherix's patent portfolio came from Nortel and their value has been substantiated by our notable recent licenses. We wish Yahoo the best in its efforts to monetize their assets and hope that these events remind the market of how valuable patents can be to a company."
Spherix Incorporated was launched in 1967 as a scientific research company. Spherix is committed to advancing innovation by active participation in the patent market. Spherix draws on portfolios of pioneering technology patents to partner with and support product innovation.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"), not limited to Risk Factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Spherix Incorporated